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   Market Date: 02-09-2014   
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Champion Breweries to recapitalise

Category: Public Offers Private Placements


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Champion Breweries to recapitalise

 

Strong indications have emerged that Champion Breweries Plc will soon access the capital market for funds via a Rights Issues.

 

Capital market sources hinted that the planned recapitalisation would enable the management improve on the company’s dwindling financial performance and its inability to pay dividend to its shareholders for sometime.

 

Champion Breweries, which returned to profitability in 2001 after a restructuring of debt owed to Akwa Ibom State Government, among others, was posting record operational performance, until recently when its performance began to decline.

 

However, in order to improve its performance, the company is to issue 1.5billion ordinary shares of 50 kobo limited to shareholders whose names appeared in the registers of members as at July 28, 2006, at a yet to be to be determined price. The stock sold for N13.31 per share on Wednesday.

 

Meanwhile, in recognition of its total commitment to stakeholders and maintenance of high standard in quality management system, the Standards Organisation of Nigeria recently presented the company with the ISO award in excellent service and management.

 

The Director-General, SON, Dr. John Akanya, who was represented by Mr. Louis Njoku said, “No nation today can afford to compromise on quality in the current competitive environment, which focuses on customer satisfaction. Quality and continuous improvement have become extremely important to expanding organisation’s local and export trade.”

 

It is believed that with the presentation of QMS certificate, Champion Breweries is an inch higher than some of its competitors. - Punch



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